8 Mega IPOs Set to Raise Over ₹30,000 Crore by December 2025

India's primary market is preparing for a historic December 2025, with eight major IPOs worth over ₹30,320 crore lined up to hit Dalal Street. From tech unicorn Meesho to India's largest asset management company ICICI Prudential AMC, this unprecedented IPO rush offers investors diverse opportunities across sectors including e-commerce, renewable energy, AI, dairy, pharmaceuticals, aerospace, and logistics.

Complete List of Upcoming IPOs in December 2025

1. ICICI Prudential AMC IPO – India's Largest Asset Manager Goes Public

Issue Size: ₹10,000 Crore (Entire OFS)

ICICI Prudential Asset Management Company is set to become one of the largest IPOs in India's mutual fund industry. As India's second-largest mutual fund house by total assets, the company manages assets under management (AUM) of ₹9.14 lakh crore as of March 31, 2025, commanding a market share of 13.3% in mutual fund AUM.​

Key Highlights:

• Joint venture between ICICI Bank 
•  (51% stake) and UK-based Prudential Plc 
•  (remaining stake)
• Manages 135 schemes – the largest number in India's mutual fund industry
• Holds 13.4% market share in equity and equity-oriented schemes
• Potential valuation of approximately $11 billion (₹92,000+ crore)​
• The IPO is entirely an Offer for Sale (OFS) by Prudential Corporation Holdings Limited

The company's income grew from ₹2,838.18 crore in FY23 to ₹4,979.67 crore in FY25, showcasing strong financial growth.​

2. Meesho IPO – India's Largest E-commerce Platform by Users

Issue Size: ₹6,000 Crore (Fresh Issue: ₹4,250 Cr + OFS: 17.57 Cr Shares)

Target Valuation: ₹52,500 – 53,700 Crore (~$6 billion)

Meesho, backed by SoftBank 

 and Peak XV Partners, is targeting an early December launch, making it one of the largest tech IPOs in India's history.​

Why Meesho Stands Out:

• India's largest e-commerce platform by annual transacting users (21.3 crore users in FY25)
• Order frequency increased to 9.4x with net merchandise value reaching ₹8,679 crore
• Generated ₹1,032 crore in free cash flow in FY25 – the highest among listed e-commerce firms in India​
• Pre-IPO placement discussions underway with SBI 
•  Funds Management​

Use of IPO Proceeds:

• Investment in cloud infrastructure for its subsidiary MTPL
• Technology and ML team salaries
• Marketing and brand initiatives
• Strategic acquisitions for inorganic growth​

Book Running Lead Managers: Kotak Mahindra Capital , JPMorgan , Axis Capital , Citi , Morgan Stanley 

3. Clean Max Enviro Energy IPO – India's Largest C&I Renewable Energy Provider

Issue Size: ₹5,200 Crore (Fresh Issue: ₹1,500 Cr + OFS: ₹3,700 Cr)

Clean Max, backed by Brookfield, is India's largest commercial & industrial (C&I) renewable energy provider with 2.54 GW operational capacity and 2.53 GW contracted capacity under execution as of July 2025.​

Business Highlights:

• Serves 531+ corporate clients with 1,127 signed Power Purchase Agreements (PPAs)
• 77.28% repeat customer rate demonstrates strong client satisfaction
• Operates across solar, wind, and hybrid renewable projects
• Clients include major data centers, AI companies, and industrial firms
• Weighted average PPA tenure of 22.73 years provides long-term revenue visibility​

Financial Performance (FY25):

• Revenue: ₹1,495.70 crore
• Net Income: ₹11.88 crore (turned profitable from losses in previous years)​

Use of Proceeds: ₹1,125 crore from fresh issue will be used to reduce consolidated debt of ₹8,078.1 crore.​

4. Fractal Analytics IPO – India's First AI-Focused IPO

Issue Size: ₹4,900 Crore (Fresh Issue: ₹1,279.3 Cr + OFS: ₹3,620.7 Cr)

Fractal Analytics received SEBI approval on November 18, 2025, becoming India's first dedicated AI company to go public.​

Company Overview:

• Founded in 2000 by Srikanth Velamakanni and Pranay Agrawal
• Provides enterprise AI solutions to global companies through data science and analytics
• Operates two segments: Fractal.ai (AI services/products) and Fractal Alpha (AI businesses)
• Launched Cogentiq (agentic AI platform) and Ramanujan (advanced AI model for reasoning and coding)​

Financial Performance (FY25):

• Revenue: ₹2,765.4 crore (up 26% YoY)
• Net Profit: ₹220 crore (vs. loss of ₹54.7 crore in FY24)​

Use of IPO Proceeds:

• ₹264.9 crore for debt repayment (Fractal USA subsidiary)
• ₹121.1 crore for new office premises in India
• ₹355.1 crore for R&D in generative AI and sales/marketing
• Strategic acquisitions and general corporate purposes​

5. Milky Mist Dairy Food IPO – Premium Dairy Brand with 30% Revenue CAGR

Issue Size: ₹2,035 Crore (Fresh Issue: ₹1,785 Cr + OFS: ₹250 Cr)

Milky Mist, based in Tamil Nadu, has evolved from a single-product paneer brand (1998) to one of India's most diversified dairy companies.​

Business Highlights:

• Revenue grew at 30% CAGR from ₹1,394 crore (FY23) to ₹2,349.50 crore (FY25)
• Operates one of India's largest paneer production capacities – 150 metric tons per day
• Products include paneer, cheese, yogurt, ice cream, butter, ghee, and frozen foods
• Premium pricing: 10-25% higher than leading brands
• New product launches contributed ₹511 crore to FY25 revenues​
• Procures milk directly from 67,000+ farmers

Use of IPO Proceeds:

• ₹750 crore for debt repayment
• ₹414 crore for expansion of Perundurai manufacturing facility
• ₹129 crore for visi coolers, ice cream freezers, and chocolate coolers​

6. Corona Remedies IPO – Pharmaceutical Growth Story

Issue Size: ₹800 Crore

Corona Remedies, an Ahmedabad-based pharmaceutical company, received SEBI approval on August 29, 2025. The company is a pharmaceutical manufacturer with a focus on formulations and APIs.​

Lead Managers: JM Financial, IIFL Capital Services, Kotak Mahindra Capital​

7. Aequs IPO – Precision Aerospace Manufacturing

Issue Size: ₹576 Crore Fresh Issue + OFS of 3.17 Crore Shares

IPO Dates: December 3-5, 2025 (Listing: December 10, 2025)​

Aequs, based in Belagavi (Karnataka), is a vertically integrated precision component manufacturer serving aerospace and consumer segments globally.​

Recent Developments:

• Completed ₹144 crore pre-IPO placement in November 2025
• Revised fresh issue size from ₹720 crore to ₹576 crore post pre-IPO funding​

Use of IPO Proceeds:

• Debt repayment for Aequs and subsidiaries
• New machinery and equipment procurement
• Strategic acquisitions and expansions​

8. Skyways Air Services IPO – Global Logistics Leader

Issue Size: ₹600 Crore

Skyways Air Services, with 40+ years of experience, is a leading integrated logistics and freight forwarding company with a global presence through 27 subsidiary companies across Germany, Hong Kong, Dubai, Vietnam, UK, USA, and Canada.​

Business Highlights:

• ISO 9001:2015, ISO 14001:2015, and OHSAS 45001:2018 certified
• Partnerships with Saudi Cargo, Air India Cargo, Turkish Airlines, and Lufthansa
• Technology platforms: SLS HIKE (logistics management) and SLS 100X (booking engine)
• FY24 Revenue: ₹167.63 crore | Net Profit: ₹4.95 crore​

How to Apply for IPOs Using IPO Ji

IPO Ji is India's #1 IPO application platform, trusted by over 25 lakh investors with 4.9-star rating. Here's how to apply:

Step-by-Step Process:

1. Download IPO Ji App from Google Play Store or Apple App Store
2. Link your existing Demat accounts (Zerodha, Groww, Angel One, Upstox, etc.)
3. Navigate to Apply IPO section and select the desired IPO
4. Choose quantity and submit bid (Cut-off price auto-selected)
5. Approve UPI mandate on your bank app – and you're done!​

Key Advantages of IPO Ji:

• Apply for multiple IPOs through multiple Demat accounts in one shot
• 2-minute application process with streamlined interface
• Real-time subscription tracking from BSE and NSE
• Live GMP (Grey Market Premium) updates
• 100% FREE – no application charges or hidden fees​

IPO Allotment Process Explained

Understanding the IPO allotment process helps set realistic expectations:

Investor Categories:

Allotment Rules:

• Oversubscribed IPO: Shares allotted through lottery system for retail investors
• Undersubscribed IPO: All valid applicants receive requested shares
• Cut-off price bidding: Recommended for retail investors to maximize allotment chances​

Why December 2025 IPOs Are Special

This December IPO pipeline is significant for several reasons:

Diverse Sector Representation:

• Technology & E-commerce (Meesho, Fractal Analytics)
• Financial Services (ICICI Prudential AMC)
• Clean Energy (Clean Max)
• FMCG & Dairy (Milky Mist)
• Healthcare (Corona Remedies)
• Aerospace (Aequs)
• Logistics (Skyways Air)​

Strong Domestic Liquidity:India's IPO market has seen remarkable growth, with domestic investors contributing approximately 75% of IPO investments in 2025 – the highest for any year where proceeds surpassed ₹1 trillion.​

Record Year for Indian IPOs:Between 2020 and 2025, companies raised ₹5.39 lakh crore through IPOs – more than the entire period from 2000 to 2020.​

Tips for Investing in December 2025 IPOs

Do's:

• Research company fundamentals, financials, and business model thoroughly
• Check GMP (Grey Market Premium) before applying
• Avoid last minute rush for better processing
• Use cut-off price option for retail applications
• Diversify across multiple IPOs to spread risk

Don'ts:

• Don't invest more than you can afford
• Avoid over-leveraging based on GMP hype
• Never make duplicate applications (will be rejected)

A Historic December for Indian Primary Markets

The eight IPOs lined up for December 2025 represent one of the most diverse and significant pipelines in Indian IPO history. With total fundraising expected to exceed ₹30,000 crore, spanning from India's largest e-commerce platform to its premier asset manager, investors have unprecedented opportunities across sectors.

Whether you're a first-time IPO investor or an experienced market participant, staying informed through platforms like IPO Ji will help you navigate this exciting period. With real-time subscription data, comprehensive company analysis, and a seamless application process, IPO Ji remains your trusted partner for all IPO investments.

Ready to invest? Download the IPO Ji app today and never miss an IPO opportunity!

Disclaimer: This article is for informational purposes only and should not be considered investment advice. Please consult a financial advisor and conduct your own research before investing in any IPO.